The history of the money clip is not a very long one since the need for them only arose with the invention of paper money. The first patent for a money clip was on May 7 1901 by B.G. Deovich for a safety holder for paper money. This clamping device held the money and also had an attached chain to secure to a button. The ones we know of today were not invented until 1931 when L. Weeks applied for the patent that we refer to today as the modern money clip. Before this time, paper money was haphazardly carried in the pocket of a change purse or in folded pieces of fabric.
Money clips come in a wide variety of materials and styles and are no longer used only by men, but are simplistic accessories, designed for anyone to carry cash and plastic cards in a sleek and discreet fashion. They are often preferred by businessmen and women who don’t want to compromise their attire, but their benefits span way beyond.
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